HELP!!! Real Estate Power-of-Attorney ???

Major last minute panic, with departure date of July 11!!!  Yet ANOTHER issue I need help with, and hoping some gracious person has the knowledge that I seem to be lacking...

I have listed my home for sale and am planning on moving to the UK on July 11.  My real estate agent has explained to me that I can sign over a power-of-attorney to her, and she can handle the closing, once my home is sold, so that I don't have to come back to the US for that sole purpose alone. 

My budget is very, very tight, so a trip over just to attend closing once my house is sold would be an extreme hardship.

My real estate agent said that I would simply tell her where to deposit the proceeds from the transaction, and that would be pretty much it.  It sounded very simple at the time she explained it to me, but now a couple of my friends have cautioned me, and I've gotten nervous. 

I have heard that at least some people who are not physically present for closing conduct the transaction by faxing or Fedexing the paperwork.  Obviously, international faxing of a mountain of documents for signature at closing would be an expensive and time-consuming endeavor.  (It's daunting even when one is sitting in front of the pile of documents on the table.)

As far as the Fedexing goes, I seem to understand that the seller is Fedexed the documents that would normally be signed at closing -- signing and initialing as required.  Then, the signed documents are returned to the real estate agent who does the rest, seeing to it that the buyer signs accordingly.

But even with the option of Fedexing and / or faxing, it seems to me a power-of-attorney is required for someone to physical receive the proceeds and deposit them into a bank account (or whatever the instructions might be).

The problem... signing over a power-of-attorney, even a limited one for a real estate transaction, seems extraordinarily risky?  I realize (hope) this is pure paranoia and far-fetched, but for example, what would prevent the real estate agent, thus empowered, to sign away my property for the sum of $5?

The power-of-attorney template that my real estate agent has provided to me doesn't seem to have any language specifying that she can ONLY act upon an offer that I have accepted.  I would feel better, at least, signing a power-of-attorney to this woman stating that she can act in my stead only when I have given her a WRITTEN acceptance of a specific offer.

But, perhaps there is something I'm missing somewhere?  How is this usually handled?  What can / should I do to protect myself?

Given that I have a flight date for me AND my dog on July 11, I need these doubts resolved quickly or I will have some painful juggling to do!!!  (Not to mention, a very unhappy wife...)

Thanks so much!
~Teddy

 

I haven't done it, but I did consider it for my parents when dealing with selling my car. (In the end I went with the fedex route, as getting a notarized power of attorney document here in the UK looked to be a nightmare!)

I'm pretty sure you can limit the POA to a specific realm, i.e. real estate, and I would think you ought to be able to put in stipulations. I.e. So-and-so has the right to represent me in person at the closing of X house, provided they are accompanied by a signed document by me stating I agree to the terms of the house sale. Or whatever.

Hopefully someone else will weigh in, but I can't imagine POA would just be all-powerful/blanket.

Thank you, equestrianerd...  I hope someone will weigh in who has actually done this, but at least your thinking mirrors mine.  Were there only an antidote for this stress!!

Cheers!
~Teddy

Do you have a trusted local family member or close friend who you could appoint instead?

aimless, unfortunately, I don't.  :-(  I'm in a real bind.  What family I have left -- they live several hundred miles away, and we're very dysfunctional anyhow.  I have two close friends who I would trust, but for whatever reasons, both of them have said they are unwilling to take on the responsibility for me. :-(

In that case, it's more expensive, but what about an actual attorney? I would trust a licensed attorney before a real estate agent, but perhaps that's just me. It would also be a party that doesn't have any interest in the transaction except for yours.

In that case, it's more expensive, but what about an actual attorney? I would trust a licensed attorney before a real estate agent, but perhaps that's just me. It would also be a party that doesn't have any interest in the transaction except for yours.

Good point, aimless.  I will look into this.  All I want is to be certain that my real estate agent ONLY accepts and acts on an offer to buy that I have approved.  To protect myself, I would like her to have my approval IN WRITING before she can further conduct the business.  And I would like to have it stated outright in the power-of-attorney form that all proceeds are to be immediately deposited into savings account 12345...  What I don't know is if that is standard practice? 

I guess an attorney might be more trustworthy in these things.  Just that I've seen so many things go awry, trusting anyone that I don't personally know on such important matters is extremely difficult.  I don't have an easy time watching out for my best interests in general, and I've made a lot of mistakes in trusting people and getting burned.  So, if I'm going to be on the other side of the ocean while all this is going on, I need as much peace of mind as I can muster.

I do hope someone other there who has actually conducted an overseas transaction via power-of-attorney, faxing, or Fedexing, can step forward with specific info on how it was done.  Would so easy my anxiety....

But many thanks to you and others who have listened and offered suggestions!

~Teddy

I realize now it's getting VERY close to your departure, Teddy.  And I'm sorry I didn't see your thread till just today.

I have never personally sold a house with a POA.  But, I worked in a real estate attorney's office for about 15 years.  I've seen every kind of real estate transaction you can imagine, including those with sellers and buyers abroad.

DO NOT GIVE POWER OF ATTORNEY TO A REAL ESTATE AGENT.  Full stop.  Do not do it.  You don't even know if your house will sell while it is listed with this person.  In this economy, it could take a very long time for your house to sell.  You may end up with a different agent altogether.  And (no offense to anyone reading who may be a realtor) but you don't know this agent from Adam.  Just like any profession, there are realtors who are not trustworthy.  And while a realtor does represent you in the sale of your house, they are also working for the buyer.  It's an oddity of their profession that they are duty bound to "do their best" for all parties in a transaction.  Think about that for a bit and what the repercussions of that might be insofar as your best interest when you are so far away physically.

If you want to give POA to someone before you leave, only give it to a trusted person or to an attorney.  I realize you are strapped for cash, but I cannot emphasize enough how important it is to get the RIGHT person for this task.  Did you use an attorney to help with your SSDI claim?  If so, give that attorney a ring.  Maybe they can help with POA.

And yes, ANY POA you sign must be a LIMITED POWER OF ATTORNEY, limited only to acting in your stead for the sale of this particular piece of real estate. 

IMO, if I could not find a trusted person or lawyer to act in my stead, I would deal with the closing documents by Fed-Ex whenever the time comes.  If this is what ends up happening, you will have to find the nearest US embassy and get your documents notarized.  Even though this is a hassle, I would do this before I gave my POA to a realtor. 

For info about notarization abroad, look here:

http://travel.state.gov/law/judicial/judicial_2086.html